RE:RE:RE:RE:RE:RE:10 daysCan't you guys read english?
1. The company is in default under the credit agreement, either they could not make the payment or some other event occurred to put them in default.
2. The lenders have given the company until Feb 3 to file for bankruptcy protection in the USA (Chapter 11) and relief under Company's Creditors Relief Act in Canada, essentially the Canadian version of Chapter 11.
3. Any further default will result in the lenders exercising their rights under the credit agreement, i.e. realizing on their security and fire selling the assets.
4. As secured lenders they will have a dominant position in determining who gets what out of the Chapter 11 and CCRA proceedings. Equity investors will receive nothing. REPEAT NOTHING. REPEAT NOTHING.
5 The secured lenders are giving the company 10 days to make some sort of deal to sell the company for the amount of the debt, who would pay a penny more? Equity investors will receive nothing. REPEAT NOTHING, REPEAT NOTHING.
6. The stock will not trade again. It will be suspended on Monday and delisted at some time in the future.
7. This news obviously leaked earlier in the week, that's bad.
8..Some people have tried to point out the problems with this company but have been shouted down. This event was predicted here two weeks ago.
A sad end to Dawson's career.